When trying to improve efficiency in the finance department of a company, an EPM system is the ideal solution. Enterprise Performance Management (EPM) systems have perfect functionality to automate one of the most important financial processes in a business: account reconciliation.
Reconciliations are the ones in charge of ensuring the validation of the company’s financial accounts. To confirm the accuracy of the account balance. The finance department can be improved with an EPM; because it allows to manage the global reconciliation of accounts in a more efficient way. These systems take advantage of the benefits of process automation. This helps to reduce risks, delays and errors during financial closure.
Benefits of using an EPM for account reconciliation
The EPM account reconciliation function allows companies to ensure the accuracy of their financial data. These are the advantages that this type of software offers the finance department:
Speeds up the reconciliation process
An EPM allows companies to speed up account reconciliation by improving workflows for data preparation, approval, review and analysis. In addition, it facilitates communication between workgroups, and offers pre-built reconciliation formats, and allows you to create your own. This software also allows you to see the progress of the account reconciliation life cycle in real-time.
Standardizes and optimizes accounting processes
An EPM software helps companies to comply with standardization through the reconciliation process, to improve the accuracy and quality of financial data. In addition, with its implementation human errors can be reduced. On the other hand, inaccuracies are prevented, helping accounting professionals to focus on risk mitigation, data analysis and exception handling.
Improves internal controls
Another advantage of having an EPM for account reconciliation is that it eliminates the risk and inaccuracy of paper systems and spreadsheets. This is possible because the software allows to maintain an adequate separation of functions and create a final certification. In addition, by changing the processes from physical to digital, printing and file storage costs are reduced.
If you are interested in optimizing the work of the finance department, you can implement Oracle EPM, which, thanks to the Account Reconciliation function, makes it possible to simplify and speed up account reconciliation through automation.
At Fusionworks we can help you get it. Contact us and we will answer all your questions!